BlockChain Training In Bangalore
Blockchain is an amazing technology that has evolved very quickly in the last few years. Here at Learn And Shine, we help to clear the confusion about this new technology and its current relevance and usage.
A person or group of people known as Satoshi Nakamoto – a pseudonym – created Blockchain. Since its invention, it has rapidly evolved into something much greater.
Blockchain has potentially created the backbone for a new type of internet by allowing digital information to be distributed but not copied. Bitcoin, the digital currency, originated from the Blockchain concept. It has now expanded in scope to be successfully utilized in other areas of Fintech.
In very simple terms, a blockchain is a time-stamped series of immutable records of data, which is managed by a cluster of computers distributed across the internet. These computers need not be owned by any one entity/person. Each of these blocks of data is secured and bound to each other using cryptographic principles.
With industry-disrupting capabilities, Blockchain network has no central authority and is equivalent to the very definition of a democratized system. The information in a blockchain, like a shared and immutable ledger, is open for anyone and everyone to see. Therefore, transparency is at the core of Blockchain – Everyone involved is accountable for any actions that impact this ledger.
Blockchain allows for a simple way of passing information from entity A to entity B in a fully automated and safe manner. Entity A initiates the process by creating an element of the ledger – one block. Once created, the block is next verified by a large cluster of computers distributed around the net. This verified block is added to a chain, stored across the net. This ensures that there are multiple copies of this unique record with a unique history. Changing a single record would mean changing/modifying the entire chain in millions of instances stored across the net – which is a fanciful scenario, virtually impossible. This model is suitable for many scenarios, with Bitcoin demonstrating its most popular usage for monetary transactions.